Question: If C ( x ) =12000+500 x 2.2 x 2 + 0.004 x 3 is the cost function and p ( x ) =29007 x

IfC(x) =12000+500x2.2x²+ 0.004x³

is the cost function andp(x) =29007x

is the demand function, find the production level that will maximize profit. (Hint: If the profit is maximized, then the marginal revenue equals the marginal cost.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

For the truss structure shown: 1) set-up element stiffness matrices for each element, 2) assemble global stiffness matrix equations, 3) apply boundary conditions, 4) solve for unknown displacements,...

1. Use Figure 1.122 to find the limits or explain why they don't exist. a. lim f(I) > Answer > Solution b. lim f(I) > Answer > Solution c. lim f(I Answer > Solution d. lim f(I) > Answer > Solution e....

Hello expert tutors. Example 12.2 A chemical process is being investigated in a pilot plant. The factors under study are, first the catalyst, Liquid Catalyst 1 or Liquid Catalyst 2. and then the...

Due Sunday, 11/20: Problems from Zimmerman text: 2-11, 2-44, Case 2-3, 7-7, and 7-20 Chapter Two The Nature of Costs Chapter Outline A. Opportunity Costs 1. Characteristics of Opportunity Costs 2....

ESTIMATING DIRECT RETURN ON INVESTMENT OF INDEPENDENT VERIFICATION AND VALIDATION USING COCOMO-II James B. Dabney Systems Engineering Program University of Houston - Clear Lake Houston, Texas...

2. This problem derives a compensated demand curve for X2 using the same preferences from problem 1. This curve will directly tell us the quantity 22 at the compensated bundle for any change in P2....

Marginal Cost The total weekly cost (In dollars) Incurred by Lincoln Records In pressing x compact discs Is glven by the following function. C(x) = 2000 + 2x moon2 (0 s x s 6000) (a) What is the...

question 1 to 5 Pham Nguyen That Trung BABAWE 18131 M4B GO1 TUESDAY QUIZ 3 Duration: 45 minutes 1. Multiple Choice Questions (60pts) 1) The fixed cost of producing a good are 80 and the variable...

1 2.3 Definition of a Discrete Probability Function Definition: Let S be a discrete sample space from some experiment. A function P, defined on all events in S, is said to be a probability function...

A fence must be built to enclose a rectangular area of 45,000 ft. Fencing material costs $4 per foot for the two sides facing north and south and $8 per foot for the other two sides. Find the cost of...

:Answer all questions. After nearly five years with Coca-Cola, engineer Xiaorong "Shannon" You was getting downsized. Prosecutors allege that two days before her final shift in Atlanta, You gave...

6) Ethyl ether is made by dehydration of ethyl alcohol in the presence of sulfuric acid at 140C: 2 C2H5OH > C2H5OC2H5 + H20 A simplified process diagram is shown in the Figure. The stream leaving the...

Identify the errors in the following income statement and prepare a corrected incomestatement: ARMORTEC COMPANY Income Staterment For the Year Ended February 28, 2010 Revenue from sales: Sales...

Which ratio is commonly used in the utilities sector? Accounts Payable Period None of the answers is correct Dividend Yield Inventory Period Gross Profit Margin

70 When the equity method of accounting for investment is used by the investor, the investment account A cash dividend is received from the investee The investee reports net income for the year The...